Cal. Code Regs. tit. 4 § 5268

Current through Register 2024 Notice Reg. No. 45, November 8, 2024

Section 5268 - Mortgage Revenue Bond Eligibility

(a) For Mortgage Revenue Bond Programs, in order to be eligible for a new Single Family Housing Program Allocation, the Applicant shall:

(1) Demonstrate that all proceeds from a bond issuance in the calendar year three (3) years prior to the current year (other than minor amounts not to exceed $1 million) have been used to finance loans, or; have been refunded on either a short or long term basis so as to be available to finance loans.

(2) Certify that any remaining Bond proceeds or authority from an Allocation up to two (2) calendar years prior to the current year will be used either before the use of new Allocation or in conjunction with new Allocation in satisfying federal requirements for such prior funds.

Cal. Code Regs. Tit. 4, § 5268

1. New section filed 7-29-2010 as an emergency; operative 7-29-2010 (Register 2010, No. 31). A Certificate of Compliance must be transmitted to OAL by 1-25-2011 or emergency language will be repealed by operation of law on the following day.
2. New section refiled 1-6-2011 as an emergency; operative 1-6-2011 (Register 2011, No. 1). A Certificate of Compliance must be transmitted to OAL by 4-6-2011 or emergency language will be repealed by operation of law on the following day.
3. New section refiled 4-1-2011 as an emergency; operative 4-6-2011 (Register 2011, No. 13). A Certificate of Compliance must be transmitted to OAL by 7-5-2011 or emergency language will be repealed by operation of law on the following day.
4. Certificate of Compliance as to 4-1-2011 order, including amendment of subsection (a)(2), transmitted to OAL 6-2-2011 and filed 7-1-2011 (Register 2011, No. 26).

Note: Authority cited: Section 8869.94, Government Code. Reference: Sections 8869.84(c), 8869.85(a) and 8869.85(b), Government Code.